One in three U.S. workers changed or lost jobs in last year
The historically high rate of change underscores the colossal challenge of bringing back millions of people to the labor market as the economy reopens.
AdvertisementMillions of workers who lost their jobs in the spring of 2020 were back at work in March this year, and the paper implies that the recovery is largely due to people finding new jobs rather than returning to their old employers.“Shocks in the initial months of the pandemic may have permanently destroyed a large share of employer-worker matches, many of which may have been highly productive,” the authors wrote. “Because highly productive matches are costly to find, the economic disruption induced by COVID-19 may have induced persistent reductions in productivity and employment.”
For people who had been at their job for less than two years before the pandemic, the churn was much higher, according to the study. Almost 62% had separated from their workplaces a year later, versus about 16% for those who had been employed by the same company for at least a decade.
This could help explain the current labor shortage, especially in the restaurant, entertainment and hotel industries, which lost the most jobs during the pandemic and are now struggling to hire fast to meet brisk demand. Turnover is traditionally high in those sectors. headtopics.com
All economic crises result in job losses. But the most striking difference during the pandemic is that a quarter of workers had a new employer a year after COVID-19 hit, said Bick and Blandin, who use a benchmark U.S. Census Bureau population data set as the basis of an online survey to collect labor data in real time. That’s almost twice as large as the next-highest rate, about 13% in 1997.Read more: Los Angeles Times »
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I changed my job to a better job died that count ☺️😌😍 all for the gain of politics. As embraced by the left, 'Never let a good crisis go to waste.' So many lives destroyed in the name of politics, I will never vote Democrat again. Yet all these states are ending PUA unemployment benefits...😡